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Home / Author Archives: M. Faizan

Author Archives: M. Faizan

RITBA demands appointments of judges as commissioner appeals

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ISLAMABAD: Rawalpindi-Islamabad Tax Bar Association (RITBA) has demanded the appointment of judges as commissioner appeals in the FBR so that rights of taxpayers can be protected. Talking to media, RITBA President Syed Tauqeer Bukhari said that taxpayers deserve facility of an independent forum where their disputes with tax authorities could be settled amicably. If a taxpayer does not agree to a ... Read More »

Pak foreign reserves, FDI dropped during two months of FY 2018-19

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ISLAMABAD: Pakistan foreign reserves and foreign direct investment (FDI) dropped during last two months. FDI into Pakistan suffers blow in the first two months of the Fiscal Year 2018-19, while Pakistan’s foreign exchange reserves have declined further $300 million. Ministry of Finance figures show FDI has been declined by 40 percent to $288 million in two months of this fiscal ... Read More »

Govt to take measures to enhance revenue, exports in new budget: Asad Umar

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ISLAMABAD: The PTI-led government is all set to introduce a new budget where different measures are under consideration to enhance revenue, exports and curtail imports to reduce the trade deficit, ease pressure on the local currency and narrow budget deficit, by imposing one percent additional regulatory duty on non-essential items. Sources told Customs Today that commerce division has reportedly prepared a ... Read More »

No sales tax exemption on imported LED & SMD lights: Asad Umar

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ISLAMABAD: Federal Minister for Finance, Revenue and Economic Affairs Asad Umar has said that LED and SMD lights have been listed as locally manufactured items through Customs General Order, therefore, benefit of exemption from sales tax on imported lights and SMD lights is no more available. In a written reply to question from Senator Tanvir Khan, the minister stated that ... Read More »

PM Imran appoints Barrister Hammad Azhar as Special Assistant on Revenue

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ISLAMABAD: Prime Minister Imran Khan has appointed Barrister Hammad Azhar as Special Assistant to Prime minister on Revenue. He has assumed the charge and met Federal Board of Revenue Chairman Jahanzeb Khan and other officials on Saturday. Barrister Hammad Azhar has won general election as MNA on the platform of Pakistan Tehreek-i-Insaf from Lahore NA 126. He is son of ex-governor Punjab ... Read More »

Collector Adjudication Sadiqullah summons owner of NDP goods

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ISLAMABAD: Collector Customs Adjudication Sadiqullah Khan has issued show-cause notice to owner of a godown, Muhammad Arshad and deputy collector customs, anti-smuggling division (North), in seizure case of foreign smuggled goods no: 134/2018. The collector adjudication instructed both respondent and reporting agency to furnish documentary evidence and present oral arguments on the date of hearing on September 13. According to details, ... Read More »

Supreme Court seeks report of non-duty paid vehicles being used by govt officials

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ISLAMABAD: Supreme Court of Pakistan has ordered Federal Board of Revenue to submit the report regarding the use of non-duty paid smuggled vehicles used by government officials. A three-member bench comprising Justice Umar Ata Bandial and Justice Ejaz ul Ahsan and headed by Chief Justice of Pakistan Mian Saqib Nisar, has issued the order during the hearing of suo moto case regarding ... Read More »

FBR issues notices to 200 Pakistanis own assets abroad

FBR chairman Jahanzeb

ISLAMABAD: New startling revelations have surfaced about the illegal assets of Pakistanis abroad. FBR chairman Muhammad Jehanzeb Khan said 200 people owning assets outside Pakistan have been issued notices. At this, Justice Ijazul Ahsan, a member of the bench, asked him to submit a list containing their names and copies of notices issued to them in court on next hearing. ... Read More »

Previous govt obtained loans amounting to $42.1b during 5 years: Asad Umar

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ISLAMABAD: Federal Finance Minister Asad Umar has said that previous government obtained foreign loans amounting to $42.1 billion during last five years,  July 01, 2013 to March 31, 2018 while repayments were recorded at around $ 20 billion during this period. According to the details, net mobilization of foreign loans was $22.1 billion during the above stated period. Government mobilized ... Read More »

FBR changes qualification criteria for recruitment of inspectors

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ISLAMABAD: Federal Board of Revenue (FBR) changed the qualification for recruitment against the post of Inspector Customs Intelligence from simple graduation to graduation with economics, commerce, physics, law and pharmacy. It is pertinent to mention that it was observed at senior management level of Customs/FBR that from operational point of view, over the years the job of Inspector Customs/Intelligence Officer ... Read More »

Another tax amnesty scheme will help new govt bridge growing deficit: Zahid Shafique

Zahid Shafique Gen Sec RITBA

ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) on Thursday demanded that a new tax amnesty scheme will help government bridge the growing deficit. The scheme announced by the former government was not availed by many people due to political uncertainty, cases against top government functionaries, the holy month of Ramadan, Eid, and lack of awareness. Talking with Customs Today, RITBA Secretary-General ... Read More »

FBR Member Sarwat Tahira Habib transferred and posted as FTO

Chief Collector Sarwat Tahira

ISLAMABAD: Federal Board of Revenue (FBR) Member Legal & Accounting-Customs Sarwat Tahira Habib has been transferred and posted as Federal Tax Ombudsman. Sources told Customs Today that former chairperson FBR Rukhsana Yasmin had recommended Sarwat Tahira Habib for the post of Member Customs but Election Commission of Pakistan rejected transfers and postings in Pakistan Customs due to general elections 2018. ... Read More »

Senate body shows displeasure over not concluding probes against corrupt officials

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ISLAMABAD: The Senate Standing Committee on Finance, Revenue and Economic Affairs showed displeasure towards Federal Board of Revenue (FBR) for not completing its inquiry against corrupt officers within the prescribed period of three months, as recommended by the Standing Committee in February, 2018. The Committee further granted the FBR another three-month period to complete its inquiry with the direction that the report ... Read More »

New Risk Management System should be introduced for transparent use of green channel facility: Collector Sadiqullah

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ISLAMABAD: Collector Adjudication Dr Sadiqullah Khan has proposed that a new Risk Management System should be introduced for transparent use of green channel facility. Reforms should also be introduced in management and human resource development system. Collector Dr Sadiqullah expressed these views during an exclusive interview with Customs Today. He said that list of Afghan Transit Trade should be reviewed. “If we ... Read More »

No proposal to change Rs5000 currency notes : Asad Umar

Asad Umar

ISLAMABAD: Federal Minister for Finance and Revenue Asad Umar on Monday denied reports regarding discontinuation of Rs5,000 currency notes, and termed the news being circulated on social media as baseless. Talking to media outside the Parliament House, he said that no such proposal is under consideration. He said that present government is determined to reduce poverty in the country and ... Read More »

RITBA expresses concerns over continued delay of hearing of tax cases involving Rs1,260b

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ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) showed concerns over continued delay in announcing the decisions about tax cases involving Rs1,260 billion. RITBA Vice President Ch Naeemul Haq, while talking with Customs Today, said that cases of Rs450 billion are pending in the Appellate Tribunal Inland Revenue (ATIR) while cases involving Rs256 billion are awaiting a decision at the level ... Read More »

New govt should take notice of misuse of green channel facility: RITBA President Syed Tauqeer

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ISLAMABAD: Rawalpindi-Islamabad Tax Bar Association (RITBA) President Syed Tauqeer Bukhari has said a new and equitable tax system is imperative for a successful ‘Naya Pakistan’. New government should also review the green channel facility and its unlawful use by a few black sheep in customs department which is causing loss of Rs1000 billion every year to national exchequer. He expressed these ... Read More »

AG directs FBR to recover inadmissible allowances of Rs24.50m from 519 officials

FBR indirect tax collection up by 20 1pc copy

ISLAMABAD: Federal Board of Revenue (FBR) and its eleven field formation offices have paid inadmissible pay and allowances of Rs24.50 million to 519 officers and officials during different kinds of leaves, absence from duty and retirement, it has been revealed by the report of Auditor General of Pakistan. Auditor General has directed to the Federal Board of Revenue to recover government ... Read More »

FBR’s notices to Pakistanis having assets in UK, Dubai resulting in harassment among taxpayers: RITBA President

Tauqeer Bukhari

ISLAMABAD: Rawalpindi Islamabad Tax Bar Association (RITBA) President Syed Tauqeer Bukhari has said that FBR’s decision to issue notices to hundreds of Pakistanis having assets in the UK and Dubai is perplexing and illegal which is resulting in unnecessary harassment among taxpayers. He expressed these views during an exclusive interview with Customs Today. He said that those who have availed ... Read More »

Collector Adjudication Seema Bokhari issues show-cause notice to owner of NDP goods

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ISLAMABAD: Collector Adjudication Seema Raza Bokhari has issued a show-cause notice to Muhammad Haroon and Akhtar Wali who are nominated as accused persons in FIR case no. 33/2018 of seized smuggled goods (cloth 16000 kilogram ) which were recovered from Karkhano Market. She has directed to both reporting agency and respondent to furnish documentary evidence and to present oral arguments. ... Read More »